Financial Data and Key Metrics Changes - The company's net asset value (NAV) increased by $567 million in Q3 2025, with CVI contributing $547 million net of refining hedges, and funds excluding refining hedges up approximately 5% [4] - Consolidated EBITDA for the energy segment was $625 million for Q3 2025, compared to a loss of $35 million in Q3 2024 [10] Business Line Data and Key Metrics Changes - Automotive service revenues increased by $11 million compared to the prior year quarter, with same-store sales performance up by $21 million, or 6% [10] - Real estate adjusted EBITDA decreased by $12 million compared to the prior year quarter, primarily due to the sale of a country club [11] - Food packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home fashion's adjusted EBITDA decreased by $4 million due to softening demand in the U.S. retail and hospitality business [12] - Pharma's adjusted EBITDA decreased by $7 million due to reduced sales from generic competition in the anti-obesity market [12] Market Data and Key Metrics Changes - Southwest Gas (SWX) is expected to grow net income at a 14% CAGR between 2025 and 2029, outperforming many peers in the 6%-8% range [8] Company Strategy and Development Direction - The company is focused on its activism strategy, leveraging the Icahn brand name and a history of proxy contests to drive shareholder value [15] - The company aims to maintain liquidity to capitalize on opportunities within and outside existing operating segments [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for continued exemptions for small refineries, which could positively impact CVI [4] - The company is excited about a developmental drug for pulmonary arterial hypertension (PAH) and has finalized a partner for the clinical trial [12] Other Important Information - The company closed on certain properties for a pre-tax gain of $223 million during the quarter [11] - The holding company had cash and investments in funds totaling $3.4 billion, with subsidiaries having cash and revolver availability of $1.2 billion as of quarter end [14] Q&A Session Summary - No specific questions or answers were documented in the provided content.

Core Perspective - Two Seas Capital LP, a significant shareholder of Core Scientific, expressed gratitude to shareholders for their engagement and support in rejecting the proposed sale to CoreWeave, emphasizing the value of Core Scientific and optimism for its future [2][3]. Company Strategy - The management team of Core Scientific is encouraged to focus on expanding the power pipeline, securing additional contracts, and developing next-generation data centers, highlighting the company's role as a pioneer in AI infrastructure [3][4]. - Core Scientific's CEO, Adam Sullivan, outlined value creation initiatives that bolstered confidence in the executive management team's capability to leverage the company's assets and competitive advantages [4]. Investment Management - Two Seas Capital, founded in 2020, specializes in event-driven investing with a focus on special situations, managing over $2 billion in assets, and is recognized for its thorough due diligence and ability to identify actionable investment opportunities [4].